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The Best Bad Credit Remortgages – Frequent Finance Updated For 2022

higher interest rate Bad Credit Remortgages for your financial circumstances

Remortgage with poor credit with a low mortgage payment

Is it possible for me to refinance if I have a bad credit history?

The truthful answer is, with many lenders (especially the ones on the high street), no.  However, Frequent Finance has long-standing relationships with lenders who understand that many people with impaired credit can be very creditworthy, especially for their own homes.  Many of these lenders are available only through specialist brokers like us.  A Bad Credit Remortgage can be affordable.

Having your bank refuse your remortgage application often has the effect of making people believe they have terrible credit.  But more often than not, this turns out to not be the case!

We offer

  • Impartial and unbiased help with no judgements on your poor credit score and past credit issues from mortgage experty
  • The whole of market panels of lenders including Direct Lenders
  • Deals from UK and overseas lenders most brokers don’t know to exist!
  • Fixed, variable, discounted and tracker rates from a direct lender
  • Interest-only and repayment remortgages to improve your credit score
  • Flexible proofs of income including some state benefits to get you the best bad credit remortgage
  • Get the lowest interest rates from a specialist mortgage broker that will study your credit files.
  • Your Mortgage Requirements

  • About You

Reducing your monthly payments:

  • Getting a more flexible mortgage with holidays and over-payments to avoid late payments and a lender fee
  • Finance away from an expensive mortgage lender or high rate secured loan even with issues in your credit record
  • Your credit score has improved to enable you to qualify with a more cost-effective lender
  • The fixed rate has run out, and you require the security of another fixed rate
  • Your discounted term has ended, and you’re on a high lenders standard variable rate
  • Get rid of high cost car finance where the value of the property is used as security rather than the car.  The mortgage terms will likely be much better than the car credit calculator figures

Newer innovative lending products like Bad Credit Remortgages – adverse credit history

We have some fantastic rates available from Crown Equity Release, More to Life Equity Release and Stonehaven.

Lifetime Mortgages with no need to check your credit

Because of the low risk to the lender, lifetime mortgages can be meagre rates.  Santander is an excellent example of this.

Age-related products from Frequent Finance

Equity Release is not just for people over 55.  There are options for people under 55 to release equity too.

Bridging Finance before Bad Credit Remortgages with the best mortgage providers

Frequent Finance can arrange bridging finance with meagre fees.  This includes commercial bridging finance, starting at 0.5% per month.

Maybe you want to raise money for:

  • Private health treatment
  • Lawyers bills
  • Funding new business
  • Debt Consolidation – pay off expensive credit
  • Home improvements or critical repairs
  • Private school fees so you don’t have to move house
  • Capital for son or daughters home purchase
  • Buying another property in the UK or overseas
  • Car, motor-home, yacht or motorcycle

Other common reasons to get a remortgage:

  • Refinance an investment property away from a buy to let mortgage so you can live in it yourself.
  • Your husband/wife’s name on the existing mortgage and property title  is facing some form of bankruptcy or insolvency, and you need to buy them out
  • Divorce or separation – a court has told you to pay your ex-partner to spend money and remove them from the mortgage and title of the property
  • Marriage or civil partnership – your new partner wants to be included on the mortgage and property title
  • The best bad credit refinance may be from a lender not featured on the big comparison sites
  • You may want to pay back your existing 2nd charge mortgage or credit cards at the lowest mortgage rates

When you have a good income and a less than perfect credit score does not matter when the lender knows you can easily support repayments on your remortgage.

  • Your Mortgage Requirements

  • About You

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As of June 2019 popular finance products include Santander Equity Release, Step Change Equity Release, Natwest Equity Release, Norwich Union Equity Release Schemes and Nationwide Equity Release.

Some great products:

Legal and General, Halifax and Prudential Equity Release

Legal and General offers include Equity Release and Lifetime MortgagesPrudential offer Equity Release Schemes and Halifax have a great Equity Release Plan.  Another good equity release lender is HSBC as they have flexible terms and very low rates.

 

Metrobank Lifetime Mortgage
Which? Equity Release Scheme
Yorkshire Bank Equity Release Scheme
YB-Yorkshire Bank Lifetime Mortgage
Which? Money Lifetime Mortgage
Legal & General Lifetime Mortgage

YBS Equity Release

Yorkshire Building Society Lifetime Mortgages

Nationwide Mortgages For Over 70s

Metrobank Equity Release

A remortgage with bad credit can help you clear other types of high-cost credit you may find in your credit file.    Poor credit remortgage lenders could offer you a good mortgage deal without a broker fee that is a lower rate than your existing variable rate mortgage.

With some lenders, your credit report and credit rating will impact remortgaging with bad credit.  Your poor credit history will likely exclude you from high street lenders and make mortgage brokers’ support necessary.  Adverse credit remortgage rates will likely be about 1% higher than prime lenders.

They will look at the number of ccjs you have and some mortgage lenders may exclude you, but specialist lenders with the best remortgage deals for a low credit score will look at the loan to value ltv and the value of your home and any current mortgage arrears you have.

It’s important you think carefully before securing debts on your home and your bad credit remortgage application is truthful and accurate or your home may be repossessed – the lender can do a credit check on you at any time.

Mortgage experts will make it clear that a bad credit mortgage will have an interest rate that is higher than a standard mortgage.

The value of your home and existing mortgage balance will help the lender assess the risk level.  A person with a debt management plan in their credit reports will need good mortgage advice from expert brokers with your credit ratings considered.  A mortgage company and remortgage applications can be done.

What are the best bad credit remortgage rates from the best bad credit remortgage lenders?

A mortgage broker will contact all the credit reference agencies and look at your credit card balances and other credit commitments like payday loans and help you prepare a mortgage application, this is key to getting the best deal.  It’s unlikely it won’t be with a high street bank.  The debt to income ratio will be looked at by credit experts. Its crucial that you can afford the repayments and debt management plans are avoided.

The remortgage process should get you a mortgage offer within 2-3 weeks where your household income and disposable income is taken into account.  One of the things lenders don’t like are payment defaults and balances need to your credit limit, this may get you declined by a lender you want to remortgage to.

We could help you find a mortgage lender who specialises in helping people with poor credit, even if you’ve struggled with your finances in the past.

Can I Remortgage with Bankruptcy? When it comes to bad credit issues, bankruptcy is one of the most serious ones for lenders.

The accuracy of your mortgage applications is a key way to make a difference to a past credit issue.  Your mortgage advisor will help with the lending criteria of bad credit lenders.  The mortgage deals will depend on your affordability assessment and your track record with late or missed payments on existing debts.

The mortgage rate will depend on your credit records.

It’s good to keep an eye on your credit file and your number of ccj’s by having accounts with each credit reference agency.

Can you afford the repayments for the full duration of the mortgage? If you miss a payment, you may be charged additional fees and interest, and your credit score may be affected.

Your home may be repossessed if you do not keep up repayments on your mortgage.

It’s still achievable to remortgage with bad credit, but it will be more difficult.

Most lenders will add your credit scores together, and you’ll need to meet their minimum score to be considered.

It’s still possible to remortgage with bad credit, but it will be more difficult. It can take six years to get your clean credit back completely.

For the self-employed, some lenders may require accounts for three years whereas other lenders may accept accounts for just one year.

There is no point telling lies to your find a mortgage expert as when a credit reference agency is consulted your debt repayments and debts against your home and a previously poor credit event will make it more difficult to get a mortgage. Your county court judgements will show up in your credit profile, and you will be likely excluded from mainstream lenders.

 

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Bad credit remortgages for home improvements

Getting a secured loan for a specialist loft conversion can be a great way to use leverage to get a bigger home.

 

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If you have an adverse credit history, you may be offered high interest rates to offset some of the risks to the lender. It can be possible to remortgage even with financial difficulties with a poor financial status to save money and get a better deal. An appointed representative can find you the right lender so getting a mortgage may be possible.

It could be wise to get in touch to take a look at how much equity you can get making sure you can afford every lender that makes the offer. It’s good news for people in England and Wales.